StoneCo Releases Q2 2026 Earnings with Mixed Results

StoneCo STNE reported second quarter 2026 revenue of R$3,587.4 million, up 2.5% year over year and roughly flat sequentially . Converted to dollars the figure came in at about $3.68 billion against a $3.74 billion consensus, a miss of roughly $57 million . Adjusted net income fell 2.6% to R$582.7 million, while adjusted basic EPS rose 8.6% to R$2.40 as buybacks shrank the share count faster than income declined.

Return on equity reached 21.6%, up 0.9 points year over year and 3.0 points sequentially . That improvement came largely from dividends and repurchases reducing the equity base, so it is a capital allocation result rather than an operating one and is worth separating from the underlying trend.

The credit book is where the real story sits. The portfolio grew 107.5% year over year to R$3,752.0 million and credit revenue rose 153.0% to R$348.5 million, but 90-day-plus non-performing loans climbed to 8.60% from 6.98% in the first quarter and 4.67% a year earlier . Rapid book growth mechanically dilutes an NPL ratio in the near term, so a ratio rising while volume doubles means recent vintage quality is deteriorating faster than the headline number suggests.

Shares fell 4.33% to $10.60 on the print . What to watch over the next two quarters is whether provisioning keeps pace with the NPL trajectory, because credit is now both the growth engine and the principal risk in this business.

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